Search giant Baidu enters China's US$59 billion second hand car market

Uxin, one of China's largest online second-hand car marketplaces, announced this week it has raised US$170 million from a number of investors, including China's homegrown search and online services firm Baidu and US private equity giant KKR.

Founded in 2011, the latest round of financing will help the platform expand its business-to-customer (B2C) model of second-hand car sales through its websites and smartphone apps, according to an announcement.

Dai Kun, CEO of Uxin said Baidu and his company share similar visions for the second-car e-commerce market and will share resources in order to provide comprehensive and more transparent information to customers.

“We want to provide people in the market for used cars all the information they need, to connect them with the best, most reliable sellers, and to make the transaction as efficient and transparent as possible,” Baidu spokesman Kaiser Kuo said on Wednesday.

“Together, we can meaningfully improve the whole experience of buying a used car in China.”